The non-destructive testing and inspection market is estimated to grow from USD 8.3 billion in 2018 to USD 12.6 billion by 2024; it is expected to grow at a CAGR of 7.24% from 2018 to 2024. Non-destructive testing (NDT) techniques are primarily used in engineering industries for evaluating different properties of structures, equipment, components, and materials without causing any damage. NDT Market and inspection is an extremely valuable technique for timely evaluation and diagnosis of faults in products. It is an important quality control tool in the manufacturing process as it allows for early detection of surface and subsurface defects in finished and work-in-progress (WIP) goods. NDT is also used for detecting faults and structural integrity in industrial assets and public infrastructures such as factory buildings, platforms, bridges, railway lines, piping systems, and industrial machinery. Stringent government regulations regarding public safety and product quality, and continuous advances in electronics, automation, and robotics are a few key factors driving the growth of the NDT Market and inspection market. The high adoption of IoT devices and rising need to assess the health of aging assets also propel the growth of the NDT Market and inspection market.

The ultrasonic technique (UT) is likely to be the largest contributor in the NDT and inspection market during the forecast period

The market for the UT (ultrasonic testing) technique is projected to largest contributor in NDT Market. It is presently the most popular NDT technique owing to its ability to accurately identify defects and determine their severity. Some advanced techniques such as ultrasonic immersion testing and guided-wave ultrasonic testing can be used for critical applications in the oil & gas and aerospace industries, among many others. RT (radiographic testing) is estimated to be the second-largest market in 2018. Recent advancements in digital radiography make RT a reliable NDT technique for inspection.

Inspection services to account for the largest market size by 2018

NDT market inspection services are likely to account for the largest share of the market in 2018. The primary purpose of NDT techniques is to inspect objects, materials, machinery, and structures for defects so that they can be rectified in a timely and cost-effective manner. After inspection services, training services are likely to continue to gain the second-largest market share in the coming years since training NDT technicians to keep them updated with new technological trends and make them aware of changing demands of the customers is equally essential.

To request to know about sample pages on the above findings, click Request Sample

The NDT and inspection market in APAC to grow at the highest CAGR during the forecast period

Asia Pacific is likely to be the fastest-growing region in the NDT Market and inspection market owing to the rapid infrastructural development and adoption of automation in manufacturing industries in countries such as India and China. Countries in Asia Pacific are involved in the manufacturing of defense aircraft, which is expected to increase the demand for NDT and inspection equipment and services in the defense & aerospace industry. Many infrastructural development projects are under construction and scheduled to be constructed in the region during the forecast period. The demand for automobiles is estimated to grow substantially by 2024.

GE (US) plays a vital role in the NDT Market equipment market by offering solutions for ultrasonic testing, radiographic inspection, visual inspection, and eddy-current testing, along with their related components, accessories, and software solutions. With its advanced solutions and products, the company has retained its leading position in the market. GE Measurement & Control focuses on the development of NDT products that can be widely used for monitoring, protecting, and improving the performance of industrial equipment. GE also follows the strategy of customer orientation. The company has also expanded its presence to increase its customer base across the world. For example, in November 2015, GE opened a new technology solution center in the UK to test GEs NDT technologies and to solve specific inspection problems for its customers.

Olympus is a well-established brand in the NDT Market. With its diverse business segments, namely, Medical, Scientific Solution, Imaging, and Others and a strong geographic presence, the company holds a strong position in the market. Strategic alliances, partnerships, and new product launches will help the company to gain a larger market share. Innovative product developments and launches have been leading business strategies adopted by Olympus Corporation in the past few years; for instance, in May 2018, the company launched the IPLEX G Lite ultra-portable industrial videoscope, which is used to inspect hard-to-reach areas of aircraft and piping systems. To expand its presence, Olympus has been collaborating with regional players who have technological competence. In September 2015, Olympus NDT Canada Inc. announced the purchase of 33,000 m2 of land in Quebec Citys Michelet Innovation Zone to construct a new office and manufacturing complex.

This report categorizes the non-destructive testing and inspection market based on techniques, methods, services, verticals, and regions.

Non-Destructive Testing and Inspection Market, by Technique:

Visual Testing

Magnetic Particle Testing

Liquid Penetrant Testing

Eddy-Current Testing

Ultrasonic Testing

Radiographic Testing

Acoustic Emission Testing

Other Techniques

Non-Destructive Testing and Inspection Market, by Method:

Visual Inspection

Surface Inspection

Volumetric Inspection

Other Methods

Non-Destructive Testing and Inspection Market, by Service:

Inspection Services

Equipment Rental Services

Training Services

Calibration Services

Non-Destructive Testing and Inspection Market, by Vertical:

Manufacturing

Oil & Gas

Aerospace

Public Infrastructure

Automotive

Power Generation

Others

Non-Destructive Testing and Inspection Market, by Region:

North America

US

Canada

Mexico

Europe

UK

Germany

France

Italy

Rest of Europe

Asia Pacific

China

Japan

India

Rest of APAC

RoW

South America

Middle East

Africa

Recent Developments

In January 2018, Avitas Systems, a GE Venture, collaborated with Limelight Networks, Inc. for using its private network and distributed cloud infrastructure to deploy its next-generation, automated inspection platform. Avitas Systems Platform also utilizes GEs Predix Edge solution, allowing users to continue to benefit from the use and functionality of GEs Predix application services suite.

In December 2017, MISTRAS Group acquired West Penn Non-Destruction Testing LLC, a provider of non-destructive testing services at its in-house facilities, for USD 74 million in cash. The acquisition enhanced MISTRAS Group capability of in-house NDT Market services, especially for the customers from the aerospace industry.

In May 2018, Olympus introduced the IPLEX G Lite ultra-portable industrial videoscope, which is useful for the inspection of hard-to-reach areas of aircraft and piping. The device is highly efficient and easy to control.

Key Questions Addressed by the Report

Which are the major techniques of NDT market and inspection?

Which region would dominate the NDT market and inspection market during the forecast period?

What strategies are followed by NDT market equipment manufacturers and service providers to stay ahead in the competition?

What are growth perspectives of this market in different regions?

What are drivers, opportunities, and challenges pertaining to the NDT market and inspection market?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

11 Geographic Analysis (Page No. - 144) 11.1 Introduction 11.2 North America 11.2.1 US 11.2.1.1 US to Hold the Largest Share of the NDT and Inspection Market in North America By 2018 11.2.2 Canada 11.2.2.1 Growing Demand for Advanced Material Testing to Drive the NDT Market and Inspection Market in Canada 11.2.3 Mexico 11.2.3.1 NDT Market and Inspection Market in Mexico to Grow at the Highest CAGR During the Forecast Period 11.3 Europe 11.3.1 UK 11.3.1.1 Growing Mining and Power Generation Sector to Drive the NDT Market and Inspection Market in the UK 11.3.2 Germany 11.3.2.1 Growing Automobile Vertical to Drive the NDT Market and Inspection Market in Germany 11.3.3 France 11.3.3.1 Growing Aerospace Vertical in France to Drive the NDT Market and Inspection Market 11.3.4 Italy 11.3.4.1 Increasing Oil Refining Capability of Italy to Drive the NDT Market and Inspection Market 11.3.5 Rest of Europe 11.3.5.1 Increasing Demand for Leak Detection to Drive the NDT Market and Inspection Market in the Rest of Europe 11.4 Asia Pacific 11.4.1 China 11.4.1.1 China Accounted for the Largest Share of the NDT Market and Inspection Market in APAC 11.4.2 Japan 11.4.2.1 Growth in the Nuclear Power Generation Vertical in Japan to Drive the NDT Market and Inspection Market 11.4.3 India 11.4.3.1 Growth in the Domestic Manufacturing Industry in India to Encourage the Demand for NDT Equipment and Inspection Services 11.4.4 Rest of APAC 11.4.4.1 Emergence of Material Testing and Complex Electronics Testing to Drive the NDT and Inspection Market in the Rest of APAC 11.5 Rest of the World 11.5.1 South America 11.5.1.1 Oil & Gas and Power Generation Industries to Drive the Growth of NDT Equipment and Services in South America 11.5.2 Middle East 11.5.2.1 Growing Investment in Infrastructure and Oil & Gas Sectors to Drive the NDT and Inspection Market in the Middle East 11.5.3 Africa 11.5.3.1 Growth in Power Generation Vertical to Drive the NDT and Inspection Market in Africa

Figure 1 NDT and Inspection Market: Process Flow of Market Size EstimationFigure 2 Research Design: NDT Market and Inspection MarketFigure 3 Market Size Estimation Meth0dology: Bottom-Up ApproachFigure 4 Market Size Estimation Meth0dology: Top-Down ApproachFigure 5 Data TriangulationFigure 6 Assumptions of Research StudyFigure 7 NDT Services Expected to Hold Larger Market Share By 2024Figure 8 NDT Market Snapshot (2018 Vs. 2024): Ultrasonic Testing to Hold Largest Market Size By 2024Figure 9 Manufacturing Vertical to Exhibit Highest CAGR in Non-Destructive Testing and Inspection Market, 20182024Figure 10 Inspection Services to Account for Largest Market Size By 2024Figure 11 North America Accounted for Largest Share of Market in 2017Figure 12 Significant Growth Opportunities for Market From 2018 to 2024Figure 13 Inspection Services to Account for Largest Size of Market During Forecast PeriodFigure 14 China and Power Generation Vertical Held Largest Share of Non-Destructive Testing and Inspection Market in APAC, Based on Country and Vertical, Respectively, in 2017Figure 15 US to Account for Largest Share of Market in 2018Figure 16 Ultrasound Testing (UT) to Be Most Preferred NDT Technique During Forecast PeriodFigure 17 Non-Destructive Testing Methods: EvolutionFigure 18 Stringent Government Regulations Regarding Public Safety and Product Quality to Drive NDT and Inspection Market During Forecast PeriodFigure 19 Major Applications of NDTFigure 20 Value Chain: NDT and Inspection MarketFigure 21 Cost Comparison of Downstream IndustriesFigure 22 NDT Services Expected to Hold Larger Market Share By 2024Figure 23 UT Technique to Account for Largest Size of Non-Destructive Testing and Inspection Market By 2024Figure 24 Oil & Gas Vertical to Hold Largest Size of Market for UT Technique, By 2014Figure 25 Manufacturing Vertical Expected to Hold the Largest Market Size During the Forecast PeriodFigure 26 Market for Oil & Gas Vertical to Hold Largest Share During Forecast PeriodFigure 27 Volumetric Inspection Method Expected to Dominate NDT and Inspection Market From 2018 to 2024Figure 28 Inspection Services to Account for Largest Size of Non-Destructive Testing and Inspection Market, Based on Services, By 2024Figure 29 Power Generation Vertical Expected to Account for Largest Size of Equipment Rental Services Market By 2024Figure 30 Power Generation Vertical to Account for Largest Size of Training Services Market By 2024Figure 31 Oil & Gas Vertical Expected to Hold Largest Size of NDT and Inspection Market in 2018Figure 32 APAC to Account for Largest Size of NDT and Inspection Market for Manufacturing Vertical in 2018Figure 33 Middle East to Hold Largest Size of NDT and Inspection Market for Oil & Gas Vertical in 2018Figure 34 North America Expected to Hold Largest Size of Non-Destructive Testing and Inspection Market for Public Infrastructure Vertical During Forecast PeriodFigure 35 China to Lead Non-Destructive Testing and Inspection Market for Power Generation Vertical During Forecast PeriodFigure 36 India to Be Fastest-Growing Country in Market During 20182024Figure 37 Non-Destructive Testing and Inspection Market Snapshot in North AmericaFigure 38 Non-Destructive Testing and Inspection Market Snapshot in EuropeFigure 39 Non-Destructive Testing and Inspection Market Snapshot in APACFigure 40 Non-Destructive Testing Market Snapshot in RoW, 2017Figure 41 Leading Companies in Market Mostly Adopted Organic Growth Strategies During 20152017Figure 42 NDT and Inspection Market Player Ranking, 2017Figure 43 Non-Destructive Testing and Inspection Market (Global) Competitive Leadership Mapping, 2017Figure 44 Market Players Adopted Product Launches as Key Business Strategy During 20152017Figure 45 General Electric: Company SnapshotFigure 46 Mistras Group: Company SnapshotFigure 47 Olympus Corporation: Company Snapshot

The study involved 4 major activities in estimating the current size of the NDT and inspection market. Exhaustive secondary research has been done to collect information about the market, the peer market, and the parent market. Validating findings, assumptions, and sizing with industry experts across the value chain through primary research has been the next step. Both top-down and bottom-up approaches have been employed to estimate the complete market size. After that, market breakdown and data triangulation methods have been used to estimate the market size of segments and subsegments.

Secondary Research

In the secondary research process, various secondary sources have been referred to for identifying and collecting information important for this study. Secondary sources include corporate filings (such as annual reports, press releases, investor presentations, and financial statements); trade, business, and professional associations such as the America Society for Nondestructive Testing (ASNT) and British Institute of Non-Destructive Testing (BINDT); white papers, location-based marketing-related journals, certified publications, and articles from recognized authors; directories; and databases. The secondary research has been used to obtain key information about the industrys supply chain, the markets monetary chain, the total pool of key players; market segmentation according to industry trends to the bottommost level, geographic markets, and key developments from both market- and technology-oriented perspectives. The secondary data has been collected and analyzed to arrive at the overall market size, which has been further validated through primary research.

Primary Research

In the primary research process, various primary sources from both supply and demand sides have been interviewed to obtain qualitative and quantitative information for this report. Primary sources from the supply side include experts such as CEOs, vice presidents, marketing directors, technology and innovation directors, subject matter experts (SMEs), consultants and related key executives from major companies and organizations operating in the display market. Several primary interviews have been conducted with experts from both demand and supply sides across 4 major regions: North America, Europe, APAC, and RoW (Middle East, South America, and Africa). Approximately 25% of the primary interviews have been conducted with the demand side and 75% with the supply side. This primary data has been collected through questionnaires, e-mails, and telephonic interviews. Following is the breakdown of primary respondents.

Market Size Estimation

In the complete market engineering process, both top-down and bottom-up approaches have been used, along with several data triangulation methods to perform market estimation and forecasting for the overall market segments and subsegments listed in this report. Extensive qualitative and quantitative analyses have been performed on the complete market engineering process to list key information/insights. The research methodology used to estimate the market size includes the following:

Key players in major applications and markets have been identified through extensive secondary research.

The industrys supply chain and market size, in terms of value, have been determined through primary and secondary research processes.

All percentage shares, splits, and breakdowns have been determined using secondary sources and verified through primary sources.

Data Triangulation

After arriving at the overall market size from the market size estimation process explained above, the total market has been split into several segments and subsegments. To complete the overall market engineering process and arrive at the exact statistics for all segments and subsegments, the market breakdown and data triangulation procedures have been employed, wherever applicable. The data has been triangulated by studying various factors and trends from both demand-and supply-side. Along with this, the market has been validated using both top-down and bottom-up approaches.

Report Objectives

To describe and forecast the non-destructive testing (NDT) and inspection market by technique (in terms of value and volume) and by method, service, vertical, and geography (in terms of value)

To provide detailed information regarding the drivers, restraints, opportunities, and challenges pertaining to the NDT and inspection market

To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the total market

To analyze opportunities in the market for stakeholders by identifying high-growth segments in the NDT and inspection market

To strategically profile key players and comprehensively analyze their market ranking in terms of revenue and core competencies2

To provide a detailed overview of the NDT and inspection value chain

To analyze strategic developments such as joint ventures, agreements, mergers and acquisitions, product launches and developments, partnerships, and collaborations in the NDT and inspection market

Available customizations:

With the given market data, MarketsandMarkets offers customizations based on the companys specific needs. The following customization options are available for the report:

Product Analysis

Product matrix that gives a detailed comparison of the product portfolio of each company